In today’s digital landscape, businesses must have a comprehensive media strategy incorporating paid, earned, shared, and owned media. The PESO model, which stands for Paid, Earned, Shared, and Owned media, is a framework that can help enterprises create a well-rounded media strategy that drives results. This article will discuss the PESO model, the importance of each media type, how to maximize a business’ investment in 2023, and key predictions for the future of media.
What Is the PESO Model and Why Does it Matter?
The PESO model is a comprehensive framework that provides a clear roadmap for businesses to develop a cohesive media strategy that aligns with their goals. Developed by PR and marketing expert Gini Dietrich, the model emphasizes the importance of using all four types of media – Paid, Earned, Shared, and Owned – to create a holistic approach that ensures consistent messaging across all platforms.
By adopting the PESO model, businesses can achieve a more integrated and strategic approach to their media planning. The framework enables enterprises to use paid advertising, earned media coverage, shared content on social media, and owned media such as websites and blogs.
This approach can help businesses reach their target audience more effectively and achieve their marketing goals. With the rapid evolution of the digital landscape, adopting the PESO model can help companies to navigate digital marketing challenges and stay ahead of the competition. By creating a comprehensive approach that uses every kind of media, businesses can ensure they deliver a consistent message to their audience, build brand awareness, and drive conversions.
Decoding the Terminologies: Paid, Earned, Owned, and Shared Media
Each type of media has unique attributes that make it an essential part of a comprehensive media strategy. Here is a breakdown of each media type and its significance in 2023.
Paid Media: How to Maximize Your Investment in 2023
Paid media refers to advertising where a business pays for exposure. It includes PPC ads, social media ads, sponsored content, and more. Paid media effectively reaches a targeted audience quickly and drives traffic to a website or landing page.
In 2023, paid media will continue to be essential to any media strategy. With the increasing competition for organic reach on social media and search engines, paid media offers a way to get the attention of potential customers. According to eMarketer, worldwide digital ad spending will reach $455.3 billion in 2023, up from $336 billion in 2019. This figure indicates the growing importance of paid media in digital marketing.
A clear understanding of a business’s target audience and behaviors is crucial to maximizing the investment in paid media. This knowledge will help one create ad campaigns that resonate with them and drive the desired actions. Additionally, it’s essential to continuously monitor and optimize the campaigns to ensure they deliver the best possible results.
Earned Media: Build Credibility and Trust with Your Audience in 2023
Earned media refers to a business’s exposure through word-of-mouth, media coverage, and influencer marketing. This media type is precious because it helps build credibility and trust with potential customers.
In 2023, earned media will continue to be essential to any media strategy. According to Nielsen, 92% of consumers trust earned media over traditional advertising. The statistics show how earned media’s power builds brand credibility and trust.
To earn media coverage, businesses must have a strong brand presence and a compelling story that resonates with the consumers. Thought leadership, content marketing, and building relationships with influencers in one’s industry are effective ways to catch the media’s attention. By using earned media, businesses can increase brand awareness and trust with potential customers.
Owned Media: The Foundation of Your Digital Presence in 2023
Owned media refers to any digital asset a business holds, such as its website, blog, social media profiles, and email list. This media type is essential because it gives businesses complete control over their content and messaging.
In 2023, owned media will continue to be the foundation of any digital presence. By having a strong owned media strategy, businesses can create a consistent brand message across all platforms and reach their target audience effectively. Additionally, owned media can help enterprises to build a loyal following and drive more traffic to their website.
Creating high-quality, valuable content that resonates with the target audience is crucial to maximizing one’s investment in owned media. For instance, blog posts, social media content, and newsletters are all contents that could bridge a business or brand to its readers. It’s also essential to continuously monitor and optimize one’s owned media channels to ensure they deliver the desired results.
Shared Media: Harnessing the Power of Social Media in 2023
Shared media refers to the content businesses share on social media platforms, such as YouTube, Facebook, Twitter, LinkedIn, and Instagram. Social media channels allow companies to reach a wider audience and directly engage with their target audience.
According to Hootsuite, there are 4.2 billion active social media users worldwide. However, this number could balloon to 4.8 billion by 2025. To tap into this great power of shared media, businesses must have a solid social media strategy.
Contents must engage and resonate with the target audience. When companies create high-quality and relevant content, they gain followers and reach a wider audience are vital. Additionally, companies must continuously monitor and analyze social media metrics to ensure that the strategy delivers the desired results.
Measuring the Impact of Media Efforts
Measuring the impact of media efforts helps companies understand what is working and what is not. Here are effective ways of measuring the impact of each type of media in 2023.
How to Measure the Success of Paid Media Campaigns
Tracking key metrics such as click-through, conversion, and cost-per-acquisition rates are essential to paid media campaigns’ success. Additionally, it’s important to continuously optimize campaigns to guarantee they are responsive to business needs and deliver the desired results.
How to Evaluate the Impact of Earned Media Efforts
Evaluating the impact of earned media efforts requires tracking metrics, including media coverage, social media mentions, and website traffic. Also, building relationships with influencers must be non-negotiable to businesses. This approach ensures ongoing coverage.
How to Monitor the Effectiveness of Owned Media Channels
In monitoring the effectiveness of owned media channels, companies must also gain insight into website traffic, social media engagement, and open email rates. These factors show the relevance of the content created. Ultimately, it reminds marketing teams to continuously create high-quality, valuable content that resonates with their target audience.
How to Analyze the Engagement and Reach of Shared Media in 2023
To analyze the engagement and reach of one’s shared media, it’s important to track metrics such as likes, shares, comments, and impressions.
Future of Media: Key Predictions for 2023
As the digital landscape transforms, businesses must keep up with the latest trends to stay relevant and competitive. Here are seven critical predictions for the future of media in 2023:
- The rise of AI-powered content creation: With the advancements in AI, businesses will increasingly rely on AI-powered tools to create high-quality, personalized content.
- The increasing importance of social media: Media strategies will significantly involve the use of social media with the rise of new platforms and the growing importance of video and interactive content.
- The growth of personalized and immersive experiences: In 2023, media experiences will become more personalized and immersive, offering customers a more engaging and interactive experience. Companies will invest in developing customized content that resonates with their audience, using technologies such as artificial intelligence and virtual reality to create more immersive experiences.
- Growing focus on privacy and data protection: With the increasing concerns around privacy and data protection, businesses will need to prioritize ethical and transparent data practices.
- Rise of voice search and audio content: The growing popularity of smart speakers and voice assistants will continue to influence businesses in optimizing their content and making it available for voice search. Adapting to these technologies can also increase audience engagement.
- Integration of virtual and augmented reality: Virtual and augmented reality will become more predominant in marketing and advertising, delivering new opportunities for businesses to reach their audience.
- The emergence of blockchain in media: With the increasing concerns around data privacy, blockchain technology is set to play a significant role in the media industry. Technology can help increase transparency and accountability in storing, sharing, and accessing data.
In conclusion, the future of media is set to be dynamic and ever-changing. To succeed in this landscape, businesses must stay ahead of the curve and embrace emerging trends and technologies. This requires continuous investment in research and development and a focus on ethical and transparent data practices. By doing so, businesses can ensure they deliver the best possible experiences to their audience while remaining competitive in an ever-evolving industry.